Whenever you apply for credit the credit provider is required to ask you for proof of your residential address in accordance with the Financial Intelligence Centre Act (FICA) 38 of 2001.
FICA was introduced in South Africa to help fight financial crimes like money laundering, the financing of terrorist activities, and to protect consumers from such crimes. According to FICA, credit providers must ensure that the customer information they keep is correct and up to date as it is important for lenders to know with whom they are dealing.
Documents to be used as proof of address must contain the name or initials and the surname of the account holder, and the physical address the account holder used when registering the account.
The following documents are generally considered to be valid proof of address:
- A utility bill, such as water, electricity and rates which is less than 3 months old.
- A bank statement or statement from another financial institution, less than 3 months old.
- A telephone account - either a landline or cellphone account - less than 3 months old.
- A mortgage statement from a financial institution, less than 6 months old.
- A copy of a lease agreement signed by both parties, which is less than 1 year old.
- An official tax assessment from the South African Revenue Services (SARS), which is less than 1 year old.
- Official correspondence from SARS, less than 3 months old.
- Correspondence from a body corporate or share block association, less than 3 months old.
- A retail account statement, less than 3 months old.
- If you live in a residence such as a hostel or barracks, a letter from the administration department of the residence on an official letterhead may be considered acceptable.
- A letter from a tribal chief where the person lives (only for customers who have a nett income of R5 000 or less per month).
Some credit providers may consider the following documents to be valid proof of address:
- Television licence renewal or confirmation letter.
- Motor vehicle registration documents.
- Medical aid statement or policy document.
- Posted traffic fine from a traffic department.
For a full list of proof of address documents, click here.
When you visit Compuscan’s www.mycreditcheck.co.za for your credit report, be sure to check that your address and other contact details are up to date.
